Kakao Bank attracts more than 1 million accounts in its first five days

Kakao Bank attracts more than 1 million accounts in its first five days

Kakao Bank of Korea Corp., the second online-only bank, roared in more menacing pace than its earlier counterpart K-Bank , drawing more than 1 million accounts since July 27 launch.

According to the bank managed by Kakao Corp., the country’s largest messenger app operator Kakao Corp., more than 1 million accounts were opened with the mobile banker as of Monday. Openings would have accelerated if not for delays from overload of traffic.

The bank has already exceeded the early starter K-Bank in number of subscribers as its accounts are fewer than 600,000 accounts with 690 billion won ($614.8 million) in deposits and 630 billion won in borrowings since beginning service in April.